10515 Woodinville Dr #4

Bothell, WA 98011

$75,000A-

2 bd · 1.0 ba · 720 sqft · Built 1966 · Manufactured · Active · 4 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,360/mo
• Mortgage (P&I): −$393
• Tax + insurance: −$191
• HOA: −$0
• Vac / Maint / Mgmt: −$496
• Net cashflow: $1,280/mo
• Annual: $15,357/yr
• Cap rate: 27.83%
• Cash-on-cash: 76.92%
• DSCR: 4.42
• 1% rule: 3.15%
• Cash to close: $21,000

Investor read

• This is a 2-bed/1.0-bath manufactured listed at $75k.
• At list price, monthly cash flow is $1k ($15k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $75k).
• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $519 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Location reads 83/100 on livability (#53 in WA, #962 nationally) — a professional / high-income tenant draw. Strengths: commute A+, employment A+, health & safety A+; Watch: amenities C-, cost of living F.
• Northshore School District (suburban): math 69% / reading 78% proficiency, ranked #9 of 291 in WA (top 3%) — strong family-tenant draw, lease renewals of 3-5y typical; only 12% free/reduced lunch — higher-income household profile.
• Zoned schools: Maywood Hills Elementary (534 students, 22% FRL); Canyon Park Middle School (889 students, 21% FRL); Bothell High School (1,764 students, 23% FRL).
• Watch-outs: flood insurance adds $66/mo.
• Market conditions: Rents flat; 182 active listings in the ZIP; 28 comparable units currently listed for rent nearby; rentals leasing fast (median 4d on market — plan ~1-2 weeks tenant-placement turnaround); high-income renter base; 10,555 units permitted in King County in 2024 (7,119 in 5+ unit buildings).
• King County population projected at +44% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 2 sale attempts since 26y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• At projected returns (-3.0% appreciation + 0.2% rent growth), your $21k cash investment doubles in ~2 years — after that, you're playing with house money.
• Climate carrying-cost: severe flood risk — expect insurance premiums to compound above CPI over the hold.
• Cap rate 27.8% vs local median 1.5% in Bothell — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Questions for listing agent

• Built in 1966 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
• What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
• What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
• How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.